Cointime

Cointime

Download App
iOS & Android
Home / Policy

Australia’s Central Bank Explores Potential Savings With Tokenised Money

The Reserve Bank of Australia (RBA) is considering the launch of a central bank digital currency (CBDC) and studying how tokenised money could save billions of dollars in costs in domestic financial markets. RBA Assistant Governor Brad Jones said tokenisation could deliver hypothetical transaction savings of around A$13 billion ($8.20 billion) a year to issuers in Australia's capital markets.

The RBA and Treasury will publish a joint report around the middle of 2024 to provide a stock take on CBDC research in Australia and set out a roadmap for future work. Australia's government has also outlined proposals for regulating crypto and digital assets that will make platforms subject to existing Australian financial services laws.

Australia Central Bank
Comments

All Comments

Recommended for you

  • Hong Kong expands digital yuan pilot to allow e-CNY wallets for cross-border payments

    The Hong Kong Monetary Authority and the People's Bank of China have expanded their cross-border digital yuan pilot to allow Hong Kong residents to use e-CNY wallets for cross-boundary payments. The digital yuan is China's central bank digital currency, which has been piloted for several years and is among the most advanced of its kind globally. Users can set up wallets using just a phone number and top them up in real-time through 17 Hong Kong retail banks. The HKMA plans to work with the Digital Currency Institute to explore enhancing interoperability in payments and corporate use cases, such as cross-border trade settlement.

  • Türkiye proposes to align crypto legislation with international standards

    Turkey's ruling party submitted a draft encryption bill to parliament on May 16. The bill focuses on licensing and registration of encryption service providers and aligning with international standards.The draft law aims to update existing legislation to comprehensively regulate the emerging cryptocurrency market. The key areas of focus for the bill include consumer protection, platform transparency, and compliance with financial regulations. The proposed legislation aims to regulate cryptocurrency trading platforms and other service providers in the industry, requiring them to obtain a license from the Capital Markets Board of Turkey.

  • US Secret Service seizes domain used to run cryptocurrency scam

    On May 17th, the US Secret Service seized a domain used for cryptocurrency trust fraud in a "pig-killing plate" scam. In the "pig-killing plate" scam, scammers contact victims through various means, including dating apps, social media websites, and even random text messages disguised as wrong numbers.

  • French securities regulator issues new warning to Bybit

    The French securities regulator has issued a new warning to the cryptocurrency exchange Bybit, urging customers to make arrangements for the possibility that the platform may suddenly stop providing services to French customers. The Financial Markets Authority (AMF) stated in a notice on Thursday that the exchange is not registered as a Digital Asset Service Provider (DASP), and therefore is providing services illegally in France. Bybit has been blacklisted by the AMF since May 20, 2022 for illegal operations.

  • Swiss Federal Council Plans to Implement Crypto Asset Reporting Framework to Improve Tax Transparency

    The Swiss Federal Council (consisting of seven members jointly leading the Swiss government) plans to implement a Cryptocurrency Asset Reporting Framework (CARF) to increase tax transparency.On the 15th, the Federal Council issued a consultation document to investigate public opinion on joining the Automatic Exchange of Information (AEOI) to combat tax evasion and avoidance in cooperation with international tax authorities. Currently, Switzerland's joining of AEOI is scheduled for January 1, 2026. It is reported that the Organisation for Economic Co-operation and Development (OECD) established AEOI and other initiatives for the Group of Twenty (G20) countries, which later expanded to include other countries.Switzerland previously adopted the Common Reporting Standard (CRS) of the OECD in 2014, but did not include CARF regulating cryptocurrency assets and their providers.

  • US lawmaker: SEC should repeal crypto accounting policy before Senate vote

    US legislator Wiley Nickel wrote a letter to Gary Gensler, Chairman of the US Securities and Exchange Commission (SEC), on May 15th, stating that the SEC should repeal the cryptocurrency accounting policy (SAB 121) before the Senate vote. Protecting investors is the mission of the US Securities and Exchange Commission, but SAB 121 does the opposite by preventing heavily regulated US banks from mass custody of digital assets. In addition, Wiley Nickel criticized the SEC for bypassing the rule-making process when issuing SAB 121, believing that the purpose of the cryptocurrency accounting policy is to clarify existing policies, not to create new ones.

  • Chinese Police Dismantle $1.9B Smuggling Ring Using USDT Stablecoin

    Chinese police have dismantled a large-scale underground banking scheme involved in smuggling operations valued at $1.9 billion. The illicit network used Tether's stablecoin USDT to facilitate the smuggling of pharmaceuticals, cosmetics, and the purchase of prohibited goods overseas. The crackdown coincides with China's nationwide observance of "May 15" Publicity Day for Combating and Preventing Economic Crimes. Police have arrested 193 suspects nationwide, including ring leaders Lin, Weng, Chen, and other unnamed individuals.

  • Philippines central bank approves peso stablecoin pilot

    The Philippines central bank has authorized Coins.ph to initiate a pilot program for a new Philippine Peso-backed stablecoin, PHPC, under its Regulatory Sandbox Framework. This pilot aims to integrate PHPC into significant remittance channels to enhance the efficiency of transactions within the substantial Philippine remittance market. Coins.ph plans to launch the stablecoin by early June, following comprehensive real-world application testing to potentially achieve full regulatory approval.

  • Bendigo Bank Becomes Fourth Major Australian Bank to Block High-Risk Crypto Payments

    Bendigo Bank in Australia has become the fourth major bank in the country to block "high-risk crypto payments" in order to protect customers from investment scams. The bank has implemented new rules on instant payments to crypto exchanges, which adds "some friction to certain genuine payments." The blocks are aimed at combating fraudulent payments and enhancing protections for its 2.3 million customers. The bank has not disclosed further details on which instant crypto transactions will be blocked or which exchanges may be affected.

  • Russia's President Signs Digital Ruble Bill into Law, Allowing Central Bank to Issue Own Digital Currency

    Russian President Vladimir Putin has signed a bill into law allowing the country's central bank to issue its own digital currency, the digital ruble. The digital ruble will be used for payments alongside other methods and will be managed by the central bank. The project was initially viewed as a tool against sanctions and a way to control government spending on social projects. Additionally, the digital ruble will allow for controlling and limiting the ways private citizens spend their money.

Daily Must-Read

Popular Activities

Delysium $AGI & AI Private Yacht Party

Delysium $AGI & AI Private Yacht Party

March 27 - March 27
Seoul

Popular Tags

Cointime
News
Contents
RSS
Company